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A Beginner's Guide to Boat Financing

As you start your search for boat financing, it's important to consider all the different options available to you. Whether you're looking to purchase from a private seller or a dealership, there are various loans available to suit your needs. Here are some of the options you might consider:

•  Secured boat loans: These loans are secured against the boat, meaning that the lender has the right to seize the boat if the borrower defaults on the loan. Interest rates are typically lower than unsecured loans because the lender has a lower risk.
• Unsecured boat loans: These loans don't require collateral, but interest rates are typically higher. These loans may be a good option for borrowers who don't want to put their boat up as collateral.
• Personal loans: Personal loans can be used for a variety of purposes, including boat financing. Interest rates and terms will vary depending on the lender.
• Dealer financing: Dealershipsmay offer their own financing options. Normally they only have access to one lender. 

  Dealership finance is often based just on agreements the dealership has with one finance provider at Point of Sale so you're often not getting the best possible rate. Dealerships will also like to include things in with the finance, such as offering to tack on custom paint jobs, tinting, fancy tyres, and all kinds of unnecessary extras you may not have wanted in the first place.

  Dealerships can present their finance as sign up now and you can drive out today.  The loan package including interest rate and fees and charges may not be the best deal you could have achieved.

• Private seller financing: Find That Finance can arrange loans for Private Sales, check out our Frequently Asked Questions.

When shopping for a Boat Loan, it's important to get pre-approved. A pre-approval is when a lender gives you a conditional offer for a loan based on your financial information. This can help you negotiate a better deal with the seller and give you a better idea of how much you can afford to spend.

Here are some benefits of getting pre-approved:

• You'll have a clear idea of how much you can afford to spend on a boat
• You'll be able to negotiate a better deal with the seller
• You'll have a better idea of the interest rate and monthly payments you'll be making
• You'll have more bargaining power when it comes to financing terms

At Find That Finance, we offer a free loan eligibility assessment to help you determine your options for boat financing. We'll also provide a free pre-approval so you can shop with confidenc and get the best deal.

Our team of finance experts is dedicated to helping you find the best financing options for your needs.

Call 1300 378 021 0r Apply/Enquire Now

Check out our FAQ 

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